The Waseca County News tells MHProNews that the Small Cities Development Program, which looks to increase property values in each house or storefront’s respective neighborhood, got an additional $100,000 in late 2014 when the City Council approved the transfer from an investment fund. Along with this transfer are new policy amendments expected to capitalize upon new rules which will allow the city to loan more to property owners who take on rehabilitation projects.
The goal of the single-family housing program, according to Kimberly Johnson, community development director, is to help people with low- or moderate-sized incomes maintain their homes. This helps to keep older homes from falling into disrepair. The proposed policy allows for loans of up to $24,000, with an average loan of $22,000.
A further proposed change would extend the program to include eligibility for modular or manufactured homes. The existence of a permanent foundation for the home is one of the requirements for eligibility.
This change, according to Johnson, is due to the fact that modular or manufactured housing was not as commonly seen in the single-family neighborhoods the program is looking at rehabilitating as it is now. This change would be instituted to make provisions for all types of housing in single-family neighborhoods.
The primary purpose of the program, according to Johnson, is to “bring the properties up-to-date to meet current state Department of Employment and Economic Development policies, but more importantly, to maximize program investment in important resources while making the program the best it can be for property owners themselves.” ##
(Photo Credit: Waseca County News)
Article submitted by Sandra Lane to – Daily Business News – MHProNews.
